Edenred UAE has received in-principle approval from the Central Bank of the UAE (CBUAE) to operate as a licensed Stored Value Facility (SVF) provider, marking a key step toward full regulatory approval.
The payroll solutions company said it currently serves more than 2.5 million employees in the UAE, many of whom use salary cards to receive and access their wages. Edenred UAE processes monthly salaries for more than 20,000 businesses and has operated in the country for over 18 years.
The CBUAE’s in-principle approval assesses areas including governance, compliance, cybersecurity and operational controls. Edenred UAE will now work to complete the remaining requirements before it can receive a full SVF license.
Its services support workers in sectors such as construction, retail, hospitality and logistics. The company said the license application reflects its focus on providing regulated payment services and secure wage access for unbanked and underbanked workers.
Claudio Di Zanni, Managing Director of Edenred Middle East, said the approval was an important step in building trust at the regulatory level, while the company continues work toward full licensing.
Source: Fintech News UAE
